Profile picture for coachaxel

I have a seller that want to pay for my down payment. How can we get around this without any issues

  • January 12 2009 - Fort Worth
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Answers (5)

Best Answer

You can do an FHA mortgage and do what is called a gift equity.

  • January 12 2009
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Just buy it as investor and then as a buyer.

Example
Value $300,000
Get a Friend to sign a contract or a option with the seller for
$240,000 with the right to sell the house for higher.
then he brings you as the end buyer to sign a contract direct with the seller for 300K

So, all you need is 20% down for ONE DAY ONLY the closing date.... its call "transactional funds"
  • January 13 2009
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Profile picture for coachaxel
Yes, I have and am in the process of doing that.  
  • January 13 2009
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Sellers can no longer contribute towards your downpayment when purchasing a home. They can, however, contribute towards your closing (settlement) costs, prepaids, and escrows. Under a conventional mortgage, sellers can contribute up to 3% of the sales price towards your settlement costs whereas under an FHA mortgage, they can contribute up to 6%.
  • January 13 2009
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Profile picture for Mr Caveat
say that one more time?

you are buying a home and the seller is to pay the down payment?
my understanding was that this became illegal last october. just a thought, but have you considered saving up a down payment on your own?
  • January 13 2009
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